Amlo win to usher in new era in Mexico

Alfredo Estrella  AFP  Getty Images

Not only has Mexico elected its first left-wing president in decades, it's also on track to hand Andres Manuel Lopez Obrador an outright majority in congress.

Lopez Obrador surged to victory on promises to help the poor and reform corruption in the country, as well as brandishing fiery nationalist rhetoric, famously promising that Mexico would not be the "pinata" of any foreign government.

"I reiterate my promise to not betray your confidence which millions of Mexicans have placed in me". At a Los Angeles rally past year, AMLO said that "the wall and the demagoguery of patriotism are no match for the dignity and humanity of the American people".

Mexico's president-elect has caused some trepidation among investors.

The peso was down 1.5% to 20.1568 versus the USA dollar at 9:30 a.m. ET after preliminary results from Mexico's electoral commission showed Lopez Obrador sweeping up more than half the vote.

The left-wing Lopez Obrador, the former mayor of Mexico City, won more than half the election's votes on Sunday and will be inaugurated December 1.

Obrador, 64, former mayor of Mexico City, won by a landslide on July 1, dealing a crushing blow to establishment parties. He later joined the Party of the Democratic Revolution and more recently formed his own party, the National Regeneration Movement - known as MORENA. In fact, a significant part of his campaign took on the United States president's anti-Mexican immigrant policies.

Even in recent months, despite a surge of politician killings, Lopez Obrador has ventured into drug-cartel strongholds rarely visited by Pena Nieto, such as Chilapa and Reynosa.

In June, Obrador called for a flood of immigrants to enter the U.S.to protest the border crisis and claim their "human right". Lopez Obrador's supporters began wild celebrations in Mexico City, cruising up and down the central Paseo de la Reforma boulevard honking horns to the tune of "Viva Mexico!" and waving Mexican flags from vehicle windows and moon roofs.

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In an interview with the Televisa news network, Mr Lopez Obrador did not provide specifics on what an "understanding" with the Trump administration might look like, except to emphasise the need for mutual respect and cooperation between the two neighbours.

"We are going to achieve a peaceful transformation, without violence", Obrador said. In fact, in the eyes of many Mexicans, Mexico has been too respectful.

Carlos Cardenas, head of Latin America country risk calls it "unlikely" that Lopez Obrador would "conduct a wave of expropriations/nationalisations across all economic sectors".

In the past, Lopez Obrador has offered criticism to the shift in USA stance on immigration and trade.

In both of Lopez Obrador's previous two presidential losses he alleged fraud. They said they are concerned about problems ranging from crime to corruption in their country.

Ricardo Anaya, 39, is the candidate and former national leader of the conservative National Action Party (PAN), which governed Mexico for 12 years before Peña Nieto took office in 2012.

U.S. Commerce Secretary Wilbur Ross told CNBC that Mexico "needs some sort of an arrangement" given its dependence on American consumers and businesses, having shipped $314 billion in goods to the United States a year ago.

"We will only be able to create better conditions for development for everyone if we get personally involved in the improvement of our municipalities, states and the entire Mexican Republic", they said.

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